Democrats to Look at Further Sequester Deferrals.
By Corey Boles
January 29, 2013, 5:50 PM.
Senate Democrats are considering further short-term deferrals of spending cuts set to be implemented from March 1, but only through a combination of increased tax revenue and cuts elsewhere to the federal budget, Majority Leader Harry Reid (D., Nev.) said.
The idea would essentially be a continuation of the current strategy to shift the burden of $1.2 trillion in cuts to defense and spending on other domestic programs by increasing tax revenue and finding spending cuts both parties could agree to.
But by insisting that future deferrals of the spending cuts, known in budgetary jargon as the sequester, include new revenue, Mr. Reid is almost certain to run into stiff opposition from Republicans, who have insisted they aren’t open to any further tax increases.
Two top GOP Senate leaders were quickly dismissive of the plan, saying that they wouldn’t contemplate any tax increases as part of an effort to avoid the sequester beginning to take effect.